I think the S&P will clear its broken August trendline on this morning’s gap up. But the Nasdaq still has a bit of work to do before approaching its trendline. Like I said last night, I think that’s where the real bear/bull battle will take place…
On Today’s Calendar:
- 10:00 — Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance/same store sales: CMOS -8.8%, GRB -7.9%, BLUD -7.5%, DRAD -7.5%, EAT -6.2%, ATCO -3.7%, CC -1.9%, CSCX -1.6%… Other news: CROX -4.4% (Cowen says checks with industry contacts imply risk of continued inventory, margin concerns), SGEN -4.2% (earns milestone payment from initiation of SGN-40 Phase Ib clinical trial), CDNS -3.8% (still checking), ZLC -3.1% (Breeden Capital Management is gearing up for a proxy battle – NY Post), BSX -1.3% (announces court decision and no longer sells the NIR stent), ELOY -1.3% (announced that it has recently signed two additional Behavioral Analytics contracts), BAS -1.1% (reports selected operating data for December 2007)… Analyst downgrades: CC -7.1% (downgraded to Neutral at Cowen), EAT -6.2% (downgraded to Underweight at KeyBanc), ISRG -4.3% (downgraded to Market Perform at Wachovia), MHS -3.2% (hearing downgraded to Neutral at tier 1 firm), MIPS -3.0% (downgraded to Neutral at Longbow), AMWD -2.4% (initiated with a Sector Perform at CIBC), UNFI -2.0% (hearing downgraded to Sell at tier 1 firm), AMZN -1.9% (initiated with a Sell at Amtech), ITW -1.3% (downgraded to Neutral at Merrill Lynch), ALV -1.3% (hearing added to Pan-European Sell List at tier-1 firm), ROK -1.1% (downgraded to Sell at Merrill Lynch).
Gapping Up
In reaction to strong earnings/guidance/same store sales: AEHR +16.1%, RPM +7.9%, NEWP +7.0%, WBSN +5.9%, FRNT +1.4%… Other news: ISIS +35.1% (ISIS and Genzyme announce strategic alliance), SIRT +13.7% (announces positive results with proprietary version of Resveratrol, SRT501, in a Phase 1b Type 2 diabetes clinical study), VMED +7.4% (SRM Fund Management raises stake to 8.26% from 7.12%), SBUX +7.2% (announces strategic initiatives to increase shareholder value and Chairman Howard Schultz returns as CEO; also upgraded to Neutral at BofA), ZIXI +4.8% (extends distribution agreement with Google), PZE +3.7% (Cramer makes positive comments on MadMoney), EBS +2.5% (announces that the final Phase II clinical study results for Typhoid Vaccine reaffirms clinical endpoints met), NRGN +2.3% (announces results of multiple ascending dose studies with experimental obesity drug), GG +2.2% (Achieves record gold production in 2007), VSAT +1.9% (Eutelsat, ViaSat form strategic partnership – WSJ; also downgraded to Mkt Perform at Collins Stewart), MSO +1.6% (CEO Lyne will not leave company – Reuters), BSC +1.5% (CEO James Cayne to step down, sources say – WSJ), OMNI +1.5% (Chief Executive Officer James Eckert to retire in 2008), DOW +1.4% (Cramer makes positive comments on MadMoney), BP +1.3% (still checking), BMY +1.3% (Cramer makes positive comments on MadMoney), JEC +1.2% (receives contract from U.S. Air Force)… Analyst upgrades: PCS +6.3% (upgraded to Buy at Soleil), AUY +3.8% (upgraded to Outperform at CIBC), INFY +2.8% (upgraded to Overweight at Lehman), KGC +2.8% (upgraded to Outperform at CIBC), AEM +2.5% (upgraded to Outperform at CIBC), WIT +1.7% (upgraded to Overweight at Lehman), BAX +1.5% (upgraded to Buy from Hold at Citigroup).
Disclaimer & How I use this list
Definitely seeing stabilizing action out there and plenty of smaller growth stocks are popping up as if we’re in a bull market. I prefer the market not blast-up just yet, it’s going to be a healthier turn, technically, if we start like this – slowly.
Let things pick up a little later when the Bernanke Corporation guide things up on their next conference call (due Thursday when Ben speaks in public).